Frank Pallone: “Under the current approval process for LNG exports, the Department of Energy has a tool to protect American consumers…”

“Under the current approval process for LNG exports, the Department of Energy has a tool to protect American consumers, and that tool is the public interest determination. The DOE has the ability to weigh the benefits and costs of additional LNG exports, including the impact of increased domestic natural gas prices on consumers, who use gas to heat and cool their homes and to turn on the lights. Rigid deadlines, as suggested in this legislation, could prevent the DOE from conducting a meaningful public interest review, and that means that the DOE might not be able to ensure that high levels of LNG exports do not harm American consumers by raising the costs of electricity or home heating or cooling. I think consumers, Mr. Speaker, have reason to be concerned. Experts at the nonpartisan U.S. Energy Information Administration examined this issue, and here is what they found: In the scenarios with additional gas exports, consumers will consume less and pay more on both their natural gas and electricity bills. Furthermore, the EIA calculated that high levels of LNG exports could mean increased residential, commercial, and industrial consumer energy costs of $7 billion to $14 billion per year between 2020 and 2040. Make no mistake. American consumers will foot that bill. Recent experience with gasoline and propane exports also offers cautionary tales.…”